Scotland

Living outside Scottish cities 'saves money'

Passengers boarding train Image copyright Getty Images
Image caption Accepting a daily commute can make financial sense, according to the research

Workers in Scotland's major cities can save money by commuting from nearby towns, according to analysis by the Bank of Scotland.

It found that the saving on house prices more than makes up for the cost of travel to Edinburgh or Glasgow.

Edinburgh workers prepared to live about an hour from the city would save enough on a house purchase to pay for 35 years of commuting by train.

For Glasgow, significant savings can be had just 15 minutes from the city.

The bank's calculations indicate that properties in towns such as Dunblane, Motherwell, Dunfermline and Kirkcaldy are, on average, £82,088 less expensive than those in Edinburgh city centre.

It found the annual cost of rail travel would typically be £2,299.

Even communities closer to Edinburgh, such as North Berwick, Dunbar, Livingston, Falkirk and Bathgate could see an average saving of £80,671 on buying a home.

Around Glasgow, the bank identified potential savings of about £50,000 on properties in communities such as Paisley - just 15 minutes from the city centre.

The bank's calculations identified Kirkcaldy as the most affordable town to live in for those travelling to Edinburgh, with Greenock offering the best value for money for Glasgow commuters.

Bank of Scotland mortgages director Graham Blair said: "Many people have a desire to buy near their place of work to escape the morning commute.

"However, for some towns and cities, the premium this comes with can price out the average buyer.

"With savings to be gained, it is an attractive pull for any potential purchaser to look further afield."